Rhumbline Advisers Has $572,000 Stock Position in SmartFinancial, Inc. (NASDAQ:SMBK)

Rhumbline Advisers increased its holdings in shares of SmartFinancial, Inc. (NASDAQ:SMBK) by 1.5% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 24,147 shares of the bank’s stock after buying an additional 361 shares during the quarter. Rhumbline Advisers owned 0.14% of SmartFinancial worth $572,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the business. Acadian Asset Management LLC acquired a new stake in shares of SmartFinancial during the first quarter worth about $271,000. BNP Paribas Financial Markets raised its holdings in SmartFinancial by 429.0% during the 1st quarter. BNP Paribas Financial Markets now owns 23,688 shares of the bank’s stock worth $499,000 after buying an additional 19,210 shares during the period. SlateStone Wealth LLC lifted its stake in SmartFinancial by 1.5% in the first quarter. SlateStone Wealth LLC now owns 33,927 shares of the bank’s stock valued at $715,000 after buying an additional 500 shares in the last quarter. Empowered Funds LLC boosted its holdings in shares of SmartFinancial by 7.9% in the first quarter. Empowered Funds LLC now owns 59,437 shares of the bank’s stock valued at $1,252,000 after buying an additional 4,375 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of SmartFinancial by 4.1% during the second quarter. Bank of New York Mellon Corp now owns 96,021 shares of the bank’s stock worth $2,273,000 after acquiring an additional 3,810 shares in the last quarter. Institutional investors and hedge funds own 58.78% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms recently commented on SMBK. Piper Sandler cut shares of SmartFinancial from an “overweight” rating to a “neutral” rating and boosted their price objective for the company from $26.00 to $28.00 in a research report on Wednesday, July 24th. Hovde Group boosted their price target on SmartFinancial from $24.00 to $28.00 and gave the company a “market perform” rating in a report on Wednesday, July 24th. Finally, Stephens reiterated an “overweight” rating and set a $27.00 price objective on shares of SmartFinancial in a report on Tuesday, July 23rd. Four investment analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, SmartFinancial presently has an average rating of “Moderate Buy” and an average price target of $27.00.

SmartFinancial Trading Down 1.1 %

SmartFinancial stock opened at $29.02 on Thursday. The company has a market cap of $491.02 million, a price-to-earnings ratio of 18.60 and a beta of 0.69. The firm has a 50-day moving average of $28.18 and a 200-day moving average of $24.12. The company has a debt-to-equity ratio of 0.12, a current ratio of 0.90 and a quick ratio of 0.90. SmartFinancial, Inc. has a one year low of $19.00 and a one year high of $30.21.

SmartFinancial (NASDAQ:SMBK) last issued its quarterly earnings results on Monday, July 22nd. The bank reported $0.46 EPS for the quarter, beating the consensus estimate of $0.41 by $0.05. The firm had revenue of $68.89 million during the quarter, compared to analysts’ expectations of $40.32 million. SmartFinancial had a return on equity of 6.55% and a net margin of 9.93%. During the same period in the prior year, the firm posted $0.52 earnings per share. On average, equities analysts expect that SmartFinancial, Inc. will post 1.99 earnings per share for the current fiscal year.

SmartFinancial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, August 26th. Stockholders of record on Friday, August 9th were issued a $0.08 dividend. This represents a $0.32 annualized dividend and a dividend yield of 1.10%. The ex-dividend date of this dividend was Friday, August 9th. SmartFinancial’s payout ratio is presently 20.51%.

About SmartFinancial

SmartFinancial, Inc operates as the bank holding company for SmartBank that provides various financial services to individuals and corporate customers in Tennessee, Alabama, and Florida. It operates through Commercial Real Estate, Consumer Real Estate, Construction and Land Development, Commercial and Industrial, Leases, and Consumer and Other segments.